Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018		Mar. 31, 2017
Cash flows from operating activities:
Net income (loss)	$ 67,798		$ 19,630
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
(Gain) loss on extinguishment of debt	69		54
Depreciation and amortization	10,823		8,592
Unrealized (gain) loss on derivative instruments	(1,772)		5,649
Unrealized (gain) loss on Agency interest-only securities	(204)		(159)
Unrealized (gain) loss on investment in mutual fund	(43)		(40)
Provision for loan losses	3,000		0
Amortization of equity based compensation	2,400		7,254
Amortization of deferred financing costs included in interest expense	2,328		2,436
Amortization of premium on mortgage loan financing	(253)		(226)
Amortization of above- and below-market lease intangibles	(382)		(25)
Amortization of premium/(accretion) of discount and other fees on loans	(4,794)		(2,468)
Amortization of premium/(accretion) of discount and other fees on securities	1,000		1,483
Realized (gain) loss on sale of mortgage loan receivables held for sale	(4,888)		999
Realized (gain) loss on real estate securities	1,099		(5,361)
Realized gain on sale of real estate, net	(31,010)		(2,331)
Realized gain on sale of derivative instruments	(13)		0
Origination of mortgage loan receivables held for sale	(532,878)		(279,898)
Repayment of mortgage loan receivables held for sale	133		247
Proceeds from sales of mortgage loan receivables held for sale	439,261	[1]	0
(Income) loss from investments in unconsolidated joint ventures in excess of distributions received	(52)		74
Deferred tax asset (liability)	443		(2,728)
Payments pursuant to tax receivable agreement	0		(230)
Changes in operating assets and liabilities:
Accrued interest receivable	(1,349)		(2,826)
Other assets	6,157		29,476
Accrued expenses and other liabilities	(21,991)		(22,781)
Net cash provided by (used in) operating activities	(65,118)		(243,179)
Cash flows from investing activities:
Purchase of derivative instruments	0		(199)
Sale of derivative instruments	114		0
Purchases of real estate securities	(135,072)		(43,572)
Repayment of real estate securities	2,954		74,285
Proceeds from sales of real estate securities	122,356		361,323
Origination of mortgage loan receivables held for investment	(434,632)		(249,829)
Repayment of mortgage loan receivables held for investment	194,303		68,251
Basis recovery of Agency interest-only securities	5,407		17,874
Capital distribution from investment in unconsolidated joint ventures	1,250		0
Capitalization of interest on investment in unconsolidated joint ventures	(322)		(234)
Purchases of real estate	(24,466)		(3,892)
Capital improvements of real estate	(1,883)		(752)
Proceeds from sale of real estate	87,885	[2]	6,325
Net cash provided by (used in) investing activities	(182,106)		229,580
Cash flows from financing activities:
Deferred financing costs paid	(1,240)		(8,143)
Proceeds from borrowings under debt obligations	1,312,451		2,666,161
Repayment of borrowings under debt obligations	(1,057,704)		(2,231,899)
Cash dividends paid to Class A common shareholders	(59,721)		(48,367)
(Increase) decrease in amount due from trustee included in other assets	0		302,281
Payment of liability assumed in exchange for shares for the minimum withholding taxes on vesting restricted stock	(728)		(13,258)
Net cash provided by (used in) financing activities	177,700		41,179
Net increase (decrease) in cash, cash equivalents and restricted cash	(69,524)		27,580
Cash, cash equivalents and restricted cash at beginning of period	182,683		89,428
Cash, cash equivalents and restricted cash at end of period	113,159		117,008
Supplemental information:
Cash paid for interest, net of amounts capitalized	57,406		26,773
Cash paid (received) for income taxes	90		(1,147)
Non-cash investing and financing activities:
Securities and derivatives purchased, not settled	14		(2,167)
Repayment in transit of mortgage loans receivable held for investment	54,803		0
Reduction in proceeds from sales of real estate	11,050		0
Transfer from mortgage loans receivable held for sale to mortgage loans receivable held for investment, at amortized cost	55,403		119,952
Assumption of debt obligations by real estate buyer	(11,050)		0
Exchange of noncontrolling interest for common stock	59,658		93,691
Change in deferred tax asset related to exchanges of noncontrolling interest for common stock	(226)		845
Increase in amount payable pursuant to tax receivable agreement	(86)		40
Rebalancing of ownership percentage between Company and Operating Partnership	95		(4,219)
Dividends declared, not paid	1,228		1,017
Stock dividends	0		17,319
Operating Partnership
Cash flows from financing activities:
Capital distributed to noncontrolling interests	(4,273)		(21,034)
Consolidated Joint Venture
Cash flows from financing activities:
Capital distributed to noncontrolling interests	(13,720)		0
Capital contributed by noncontrolling interests in consolidated joint ventures	$ 2,635		$ 0

[1] Includes cash proceeds received in the current year that relate to prior year sales of loans of $0.5 million.

[2] Includes cash proceeds received in the current year that relate to prior year sales of real estate of $1.4 million.